Dallas-Fort Worth home prices fell by 0.8 percent in March on the Standard & Poor's/Case-Shiller home price index today, the ninth consecutive month of decline.
Nationwide, prices fell in 18 or 20 cities included in S&P's composite index of major U.S. metropolitan areas, with prices in a dozen markets reaching their lowest points since the housing crisis began.
S&P economists say the housing industry is experiencing a double-dip in home prices.
Compared with a year ago, North Texas home prices declined 2.5 percent in March. Nationwide, prices showed a decline of 3.6 percent in March, with only one of the 20 cities, Washington D.C., showing an increase, of 4.3 percent.
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"Home prices continue on their downward spiral with no relief in sight," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "Since December, we have found an increasing number of markets posting new lows."
The national index fell 5.1 percent from the first quarter of 2010, figures show.
Blitzer said the housing market has not recovered or stabilized since the expiration of the federal first-time homebuyer tax credit in 2009 and 2010.
"While last year saw signs of an economic recovery, the most recent data do not point to renewed gains," he said.
Home prices fell 10 percent in Minneapolis, the highest year-over-year decline on the index.
Prices in March were also down considerably in cities that experienced huge increases during the so-called housing bubble and where foreclosures are still high, including Las Vegas, -5.3 percent; Miami, -6.1 percent; Phoenix, -8.4 percent, and Tampa, -6.9 percent.
Sandra Baker, 817-390-7727